Mastercard choses Vancouver for intelligence and cyber centre

The new centre will help drive innovation and cut cyber crime for the global payments firm

Mastercard choses Vancouver for intelligence and cyber centre
Steve Randall

Vancouver is one of six cities selected by Mastercard for a focus on innovation and tackling cyber security issues.

The firm’s new Intelligence and Cyber Centre is located in The Exchange office tower, the redeveloped Old Stock Exchange building currently home to the NuData Security team with added members from Mastercard's Research & Development, Operations & Technology, and Cyber & Intelligence divisions.

Along with similar facilities in America, India, Australia, and Ireland, the new centre will ensure that payments are both convenient and secure.

"The Vancouver centre will help us meet the growing demand for technology solutions to reduce the cost of cyber-attacks, enable today's connected devices to become tomorrow's secure payment devices, and address the growing vulnerabilities associated with the Internet of Things," explained Ajay Banga, president and chief executive officer of Mastercard.  

The centre will create 380 jobs and will accelerate the firm’s innovation focus and complement Mastercard’s Canadian headquarters in Toronto.

"Expanding our presence in Canada allows us to tap into the country's talented workforce and thriving technology ecosystem, to help bring innovations to market even faster," Banga added.

Investment in Canada
The centre is being funded by a $510 million investment from Mastercard along with funding from the federal government’s Strategic Innovation Fund.

"As Canadians use connected devices more and more, including for sensitive financial services like banking, they want to know that their data and privacy are protected," said The Honourable Navdeep Bains, Minister of Innovation, Science and Industry. "Our government is investing in a new cybersecurity centre in Canada to develop the technology solutions Canadians and people all over the world need to protect their personal and financial information when they use their devices. This will make Canada a world leader in cybersecurity and help us tackle the cost of cybercrime in Canada—an estimated $3 billion a year."

Mastercard has been named among Great Places to Work’s list of Best Workplaces for Inclusion in 2020.